Revenue in the three months ended in March fell 35%, year over year, to $67.8 billion in New Taiwan dollars, yielding EPS of $5.35 per share.

Analysts had been modeling $68.53 billion and $5.59 per share.

William Power with R.W. Baird & Co. today reiterated a Neutral rating on the shares, and a $630 price target, writing that the reported revenue was in line with his own $67.5 billion estimate, and that March’s revenue of $30.9 billion was up 52% from February’s $20.3 billion, a “meaningful” increase quarter to quarter.

Operating income margin of 7.4%, however, was below his own 8.2% estimate.

Power sees a bright spot on the horizon, as the company rolls out the “One X” line of smartphones this month with 140 carriers. However, “Although we expect the HTC One to take share in Q2, we would note that the Android refresh cycle is very fast and that the Q2 momentum may not be sustainable,” he writes.

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APRIL 9, 2012 4:19 P.M.

freddysrevng wrote:

"HTC's loss will be RIMM's gain". Now that the bloom is off the rose on these Droid based cheap phones, RIMM can regain that market share to feed into its, already, exponential growth in emerging countries...Oh, and the Lumia 900 - not so much.

APRIL 9, 2012 6:22 P.M.

thanks freddy wrote:

I love to see your posts ...keeps things moving in a positive direction. Nice to know that there's someone on watch.

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Tech Trader Daily is a blog on technology investing written by Barron’s veteran Tiernan Ray. The blog provides news, analysis and original reporting on events important to investors in software, hardware, the Internet, telecommunications and related fields. Comments and tips can be sent to: techtraderdaily@barrons.com.